Turkey Hits Back At US With Tariff Hikes On Alcohol, Cars

Asked how the Trump administration would react to any such Turkish boycott, Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

There was a clear, sharp drop in the lira's value on Friday after Trump tweeted he was doubling tariffs on Turkish steel and aluminum, citing a national security threat, and a smaller decline when the US sanctionedTurkey's Interior and Justice Ministers on August 1.

Andrew Brunson's continued detention with charges of terrorism and espionage was cited as the basis of U.S. sanctions on two Turkish ministers on 1 August, which was followed by a doubling on 10 August of United States tariffs on Turkish steel and aluminium to 50% and 20% respectively.

Turkey is boosting tariffs on imports of certain US products, including rice, cars, alcohol, coal and cosmetics - escalating a feud with the United States that has helped trigger a currency crisis. Ankara has responded by threatening to boycott USA gadgets including AppleiPhones and sharply increasing duties on a number of American goods like tobacco, alcohol, cars, cosmetics, etc.

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Turkish President Tayyip Erdogan has said in recent public speeches that Turkey and its economic allies do not need to use the dollar to conduct bilateral trade.

The Trump administration punished Turkey with economic sanctions and traffic hikes over the detention of an American Christian pastor standing trial on disputed terrorism charges.

Moves by the central bank to ensure Turkish banks have liquidity and a planned conference call by Turkish Finance Minister Berat Albayrak, who is Erdogan´s son-in-law on Thursday have gone some way to giving reassurance to investors.

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

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The court in the western city of Izmir rejected the appeal and ruled that Brunson will remain under house arrest, the state television TRT reported. Turkey also has similar plans for trade with China and other countries. "I am planning to appeal again in 15 to 20 days, thinking there might be a new evidence in the file or there might be a new outcome of talks", the lawyer said.

Brunson faces up to 35 years in prison if found guilty.

"Turkey is also putting more importance on European Union countries to avoid a full confrontation with the West", he said.

"Whilst we rejoice at this decision, our celebrations will only truly begin when he is safely back at home in the arms of his wife and daughters", Amnesty said in a statement.

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Turkey issues retaliatory tariffs on USA importsAug 15, 2018 - 17:55
Relations between Turkey and the United States have been soured by Brunson's detention, as well as diverging interests on Syria. Dollar-denominated bonds issued by selected Turkish banks continued to fall on Tuesday, although sovereign bonds steadied.

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The lira rallied slightly on Tuesday, and Erdogan has issued bullish statements about being the target of an economic war . Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".

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